Being in the business world, sometimes we have to withdraw from some business deal. It becomes the need of time to leave a contract for betterment or due to some other reasons. It looks pretty good if we find a way to transfer the contract obligations to some third party to keep safe both the parties of the existing agreement. The assignment of contract is a very good option that allows the transfer of the rights from one party to another party in an existing contract.
What is an Assignment Of Contract
This is a legal document between two entities the assignor and the assignee. The assignor transfers his part in a contract to a third party, the assignee. He assigns his place in a contract to a third party and wants from it to fulfil his obligations. In this transfer of the rights, the second party of the agreement must be properly notified and the consent from other entity must be obtained for this purpose.
For making an assignment contract it is compulsory that the main agreement does not have a prohibiting clause in assignment contract. The assignment contract can be made only if doesn’t spoil the law and have the consent from both the parties of the agreement.
The assignment contract must contain the following.
- The names and addresses of the assignor and the assignee along with date
- Clear description about the contract in which the assignment contract is going to make.
- The obligations and the rights that are transferred from assignor to assignee
- The consent of the other entity of the agreement.
- Include any alteration if it’s made with the consent of all the entities
- At the bottom, the agreement must be signed by the assignor and the assignee along with the legal witness
Create your own Assignment Of Contract Form by using the following template,
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